Culture clash: The reasons behind risk culture failure
Cultural problems have been at the root of many recent losses, and they can strike at any level. Patricia Jackson from consultancy EY explores the dangers of complacency, excessive risk, management failures and rogue behaviour
A firm's risk culture can go off the rails at many levels and in many ways. In some cases, it has been because of the strategic decisions taken by senior management and the board. In others, it has been because of actions taken by individuals lower down the organisation without the knowledge of those at the top.
At a strategic level, a risk culture may fail because of overoptimism, or what the
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